CP189: the FSA yet to clarify rules for key op risk issues
LONDON - UK firms are faced with more questions than answers in the operational risk portions of the latest consultation paper from the FSA, CP189: Report and first consultation on the implementation of the new Basel and EU capital adequacy standards, issued in mid-July.
CP189 follows on from discussion paper 13, issued in July 2002, but it does not include information on the FSA’s approach to either pillar II (supervisory oversight) or pillar III (market discipline) of the revised Basel Accords. Nor does it offer draft rules or guidance, which will be covered in new Prudential Sourcebook text, expected to be published by the FSA in mid-2004.
ORIAG
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